SBA COMMUNICATIONS CORP

SBAC 10-Q · Q1 2026

SBAC Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Operating Lease Lease Income 656,149 616,209 +6.5%
Revenue 47,289 48,039 -1.6%
Revenue 703,438 664,248 +5.9%
Show Business Segments breakouts
Domestic Site Leasing [Member] 450,301 460,994 -2.3%
International Site Leasing [Member] 205,848 155,215 +32.6%
International Site Leasing [Member] · BR 88.9 85 +4.6%
Site Development [Member] 47,289 48,039 -1.6%
Cost Of Goods Sold Direct Operating Lease 131,912 115,478 +14.2%
Cost of Revenue 39,424 38,188 +3.2%
Selling, General & Administrative 70,548 66,219 +6.5%
Show Business Segments breakouts
All Other Segments 17,303 14,573 +18.7%
Domestic Site Leasing [Member] 31,357 31,007 +1.1%
International Site Leasing [Member] 18,309 17,424 +5.1%
Site Development [Member] 3,579 3,215 +11.3%
Business Combination Acquisition Related Costs And Adjusments 8,090 7,379 +9.6%
Show Business Segments breakouts
Domestic Site Leasing [Member] 5,530 5,861 -5.6%
International Site Leasing [Member] 2,560 1,518 +68.6%
Asset Impairment And Decommission Costs 29,300 37,026 -20.9%
Show Business Segments breakouts
Domestic Site Leasing [Member] 26,971 15,164 +77.9%
International Site Leasing [Member] 2,131 21,318 -90.0%
Site Development [Member] 198
Depreciation Amortization And Accretion Net 81,316 65,048 +25.0%
Show Business Segments breakouts
All Other Segments 1,641 1,924 -14.7%
Domestic Site Leasing [Member] 37,618 36,744 +2.4%
International Site Leasing [Member] 41,154 25,523 +61.2%
Site Development [Member] 903 857 +5.4%
Total Costs & Expenses 360,590 329,338 +9.5%
Operating Income 342,848 334,910 +2.4%
Show Business Segments breakouts
All Other Segments -18,944 -17,041 -11.2%
Domestic Site Leasing [Member] 278,204 303,946 -8.5%
International Site Leasing [Member] 80,403 42,226 +90.4%
Site Development [Member] 3,185 5,779 -44.9%
Interest Income 5,207 10,780 -51.7%
Investment Income Investment Expense -128,529 -104,148 -23.4%
Paid In Kind Interest -772 -8,348 +90.8%
Amortization of Financing Costs -5,259 -5,434 +3.2%
Other Non-Operating Income (Expense) 22,519 32,165 -30.0%
Non-Operating Income (Expense) -106,834 -74,985 -42.5%
Show Business Segments breakouts
All Other Segments -106,834 -74,985 -42.5%
Income Before Taxes 236,014 259,925 -9.2%
Income Tax Expense (Benefit) -51,112 -42,019 -21.6%
Net Income 184,902 217,906 -15.1%
Net Income Loss Attributable To Noncontrolling Interest -72 2,826 -102.5%
Net Income 184,830 220,732 -16.3%
Show Equity Components breakouts
Retained Earnings 184,830 220,732 -16.3%
EPS (Basic) 1.75 2.05 -14.6%
EPS (Diluted) 1.74 2.04 -14.7%
Wtd Avg Shares (Basic) 105,815 107,744 -1.8%
Wtd Avg Shares (Diluted) 106,111 108,140 -1.9%
Cost of Revenue 171,336 153,666 +11.5%
Show Business Segments breakouts
Domestic Site Leasing [Member] 70,621 68,272 +3.4%
International Site Leasing [Member] 61,291 47,206 +29.8%
Site Development [Member] 39,424 38,188 +3.2%
Gross Profit 532,102 510,582 +4.2%
Show Business Segments breakouts
Domestic Site Leasing [Member] 379,680 392,722 -3.3%
International Site Leasing [Member] 144,557 108,009 +33.8%
Site Development [Member] 7,865 9,851 -20.2%
Comprehensive Income 212,195 244,395 -13.2%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 269,064 636,447 -57.7%
Restricted Cash And Cash Equivalents At Carrying Value 58,773 23,168 +153.7%
Show Restricted Cash And Cash Equivalents Cash And Cash Equivalents breakouts
Payment, Performance Bonds, and Other [Member] 47,885 8,890 +438.6%
Securitization Escrow Accounts [Member] 10,888 14,278 -23.7%
Accounts Receivable 161,474 129,847 +24.4%
Contract With Customer Asset Net Current 23,326 26,840 -13.1%
Prepaid Expenses & Other Current Assets 254,856 117,014 +117.8%
Total Current Assets 767,493 933,316 -17.8%
Short-Term Investments 112.1 65.7 +70.6%
Non-Current Assets
Property, Plant & Equipment 3,415,936 2,818,907 +21.2%
Intangible Assets 2,880,040 2,403,046 +19.8%
Show Finite Lived Intangible Assets By Major Class breakouts
Current Contract Intangibles [Member] 2,256,646 1,834,614 +23.0%
Network Location Intangibles [Member] 623,394 568,432 +9.7%
Operating Lease Right-of-Use Assets 2,678,715 2,340,100 +14.5%
Other Non-Current Assets 646,207 618,341 +4.5%
Total Assets 11,720,844 10,442,917 +12.2%
Show Business Segments breakouts
All Other Segments 223,032 523,043 -57.4%
Domestic Site Leasing [Member] 6,198,460 6,224,701 -0.4%
International Site Leasing [Member] 5,221,248 3,619,615 +44.2%
Site Development [Member] 78,104 75,558 +3.4%
Long Term Investments 21.7 18.1 +19.9%
Other Assets
Acquired And Other Right Of Use Assets Net 1,332,453 1,329,207 +0.2%
Current Liabilities
Accounts Payable 63,549 65,043 -2.3%
Accrued Liabilities 85,444 74,746 +14.3%
Current Portion of Long-Term Debt 2,683,531 771,802 +247.7%
Deferred Revenue 103,650 110,369 -6.1%
Interest Payable Current 38,753 34,699 +11.7%
Lease Liability Current 304,960 267,544 +14.0%
Other Liabilities Current 65,803 18,813 +249.8%
Total Current Liabilities 3,345,690 1,343,016 +149.1%
Deferred Revenue (Current) -5,659 -3,468 -63.2%
Non-Current Liabilities
Long-Term Debt 10,276,200 11,654,372 -11.8%
Lease Liability Noncurrent 2,151,367 1,947,414 +10.5%
Other Non-Current Liabilities 613,488 406,214 +51.0%
Liabilities Noncurrent 13,041,055 14,008,000 -6.9%
Long-Term Debt 12,959,731 12,426,174 +4.3%
Show Debt Instrument breakouts
2020 Senior Notes [Member] 1,497,061 1,493,827 +0.2%
2020-2C Tower Securities [Member] 598,371 597,490 +0.1%
2021 Senior Notes [Member] 1,494,312 1,492,425 +0.1%
2021-1C Tower Securities [Member] 1,163,470 1,161,037 +0.2%
2021-2C Tower Securities [Member] 893,127 891,338 +0.2%
2021-3C Tower Securities [Member] 889,412 888,487 +0.1%
2022-1C Tower Securities [Member] 845,908 843,821 +0.2%
2024 Term Loan [Member] 2,235,443 2,255,225 -0.9%
2024-1C Tower Securities [Member] 1,440,558 1,438,360 +0.2%
2024-2C Tower Securities [Member] 617,069 615,362 +0.3%
Show Credit Facility breakouts
Revolving Credit Facility 1,285,000
Other Liabilities
Redeemable Noncontrolling Interest Equity Carrying Amount 85,744 62,604 +37.0%
Stockholders' Equity
Common Stock 1,061 1,080 -1.8%
Additional Paid-In Capital 3,084,883 2,991,050 +3.1%
Retained Earnings -7,200,856 -7,226,216 +0.4%
Accumulated Other Comprehensive Income -636,733 -736,617 +13.6%
Total Stockholders' Equity -4,751,645 -4,970,703 +4.4%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -636,733 -736,617 +13.6%
Additional Paid In Capital 3,084,883 2,991,050 +3.1%
Common Stock · Common Class A 1,061 1,080 -1.8%
Retained Earnings -7,200,856 -7,226,216 +0.4%
Total Liabilities & Equity 11,720,844 10,442,917 +12.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Foreign Currency Transaction Gain Loss Before Tax -16,260 -54,641 +70.2%
Stock-Based Compensation 18,936 15,713 +20.5%
Noncash Asset Impairment And Decommission Costs 26,934 35,726 -24.6%
Deferred Income Taxes 25,445 35,682 -28.7%
Gain Loss On Disposition Of Assets1 38 18,785 -99.8%
Other Non-Cash Items 13,957 19,998 -30.2%
Increase Decrease In Accounts And Other Receivables 15,958 10,399 +53.5%
Change in Prepaid & Other Assets -740 -4,642 +84.1%
Increase Decrease In Operating Lease Right Of Use Asset 39,053 33,080 +18.1%
Increase Decrease In Accounts Payable And Accrued Liabilities -13,056 -8,537 -52.9%
Increase Decrease In Accrued Interest Receivable Net -25,701 -26,941 +4.6%
Increase Decrease In Long Term Lease Liability -35,053 -32,787 -6.9%
Increase Decrease In Other Operating Liabilities -60,644 -23,614 -156.8%
Net Cash from Operations 255,085 301,175 -15.3%
Investing Activities
Payments To Acquire Businesses Net Of Cash Acquired -143,496 -63,388 -126.4%
Capital Expenditures -48,397 -46,173 -4.8%
Payments To Acquire Investments -725,129 -228,376 -217.5%
Proceeds From Sale Maturity And Collections Of Investments 618,000 415,840 +48.6%
Proceeds From Divestiture Of Businesses 2,176 40,428 -94.6%
Other Investing Activities 75 4,935 -98.5%
Net Cash from Investing -296,771 238,266 -224.6%
Right Of Use Asset Obtained In Exchange For Operating Lease Liability 11,428 28,098 -59.3%
Operating Lease Modifications And Reassessments 51,433 31,417 +63.7%
Right Of Use Asset Obtained In Exchange For Finance Lease Liability 338 879 -61.5%
Financing Activities
Proceeds From Long Term Lines Of Credit 900,000
Repayments Of Long Term Lines Of Credit -90,000
Show Credit Facility breakouts
Revolving Credit Facility -90,000
Repayments Of Senior Debt -5,750 -5,750 0.0%
Repayments Of Secured Debt -750,000 -1,165,000 +35.6%
Show Debt Instrument breakouts
2020-2C Tower Securities [Member] -750
Payments Of Dividends -135,195 -122,275 -10.6%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options 34,017 36,002 -5.5%
Payment Stock Option Net Share Settlements -19,615 -24,288 +19.2%
Proceeds From Payments For Other Financing Activities -3,071 -824 -272.7%
Net Cash from Financing -69,614 -1,282,135 +94.6%
Supplemental
Interest Paid 155,285 132,221 +17.4%
Income Taxes Paid 44,730 7,452 +500.2%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 6,791 6,143 +10.5%
Net Change in Cash -104,509 -736,551 +85.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 332,512 664,106 -49.9%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

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